There are many ways to build credit and pay less interest; we have here among the best ways 10 good habits to take into consideration!
1) Always pay on time
Delays result in interest charges. If necessary, use an approved payment plan.
If it is too high, adjust the maximum possible and never less than the minimum balance due.
3) Do not live beyond your means
Try to keep your monthly debt below 10% of your net monthly income.
4) Never exceed your credit limit
Necessary – and if you can take – ask for a higher limit.
5) Make a budget and stick to it
Spend wisely – after receiving your income – and make your business regularly.
6) Do not accumulate credit cards
The more you have, the easier it is to slip. Also avoid those that have high interest rates.
7) Do not transfer your balances unnecessarily
Do it just to enjoy an interest rate actually lower, not just the short term.
8) Always have an emergency fund for unexpected
At a minimum, it should be 3 times the amount of your fixed monthly expenses and ideally, the equivalent of six months’ salary.
9) Notify creditors when you move
An update file, it avoids unnecessary glitches.
10) Get a credit insurance
For being quiet and protect you and your family in case of bad fortune.
The four worst spots to put your file
- Late payment
- NSF checks
Bankruptcy, for example, can “stain” your record for 7 years. It makes you all a shot to wear. But before you get there, if you never had trouble making your payments contact your creditors to get help and advice.
Being proactive and apply the ways to build credit is always better perceived as being passive when you have financial difficulties.